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Aspects of the CARD act that still seem hidden

[Tuesday, September 13th, 2011]

It has been two years since the time the Credit Card Accountability, Responsibility and Disclosure Act came into effect. Despite this, there are a lot of facts about this act that are still hidden. Here are a few important ones that every person needs to be aware of.

First of all, the CARD Act does not levy a cap on the interest rates that banks can charge on the credit cards. The Act can only prevent the banks from increasing the rates arbitrarily, like in the past. Linda Sherry, a financial analyst with a leading company, says that most people wrongly assume that the CARD Act curbs the interest rates on the card. This is, however, not true. She says that the best cards with the best terms are advertised and issued only to people with good credit history. Those with a poor credit score are left to the mercy of the banks that can take advantage of their plight by charging sky high interest rates.

Unlike what many people think, the CARD Act does not prevent credit card companies from marketing their cards to college students. It has only levied certain restrictions that have curbed the aggressive marketing tactics that credit card lenders resorted to in the past. Today, students below the age of 21 have to either produce proof of sufficient income to cover the costs of the credit card or get a parent to co-sign on the application form. Also, the Act stipulates that lenders cannot entice students with freebies to sign-up for their cards.

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Chase Student Card: Now Apply Online
[April 8th, 2020]

Chase has just made its Freedom® Student credit card accessible for online application, which is quite opportunely considering the current state of affairs with the COVID-19 pandemic. Let it be recalled that the card is the first Chase credit card designed specifically for students. It was introduced in 2019, but the only way to apply […]

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Where to Go for Chase 5% Cash Back in 2020
[December 26th, 2019]

2019 flew by, and now only a week remains until 2020. Most issuers of cashback credit cards have already announced their bonus categories for all 4 quarters of the next year. Chase is no exception. However, the bank disclosed only the first quarter categories leaving the remaining three under a veil of secrecy with the mark “coming soon”.

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The Average Credit Score in the U.S. Reaches Its Peak
[September 13th, 2019]

FICO, or Fair Isaac Corporation, is a data analytics company best known for its credit scoring model. As the FICO’s official website says, the FICO® Score is currently used by 90 of the top 100 largest U.S. lending institutions.

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